GLOBAL MARKET HIGHLIGHTS
A not so strong dollar 05-23-03 (cincypost.com) The White House says there is "no change" in the administration's support for a strong dollar, the U.S. government's policy through eight years of the Clinton administration. But, in fact, there is a change in position. Since the first of the year, the dollar has fallen almost 30 percent against the euro and 10 percent against the yen, and the Bush administration seems inclined to let it slide further. Clinton Treasury Secretary Robert Rubin would regularly but cryptically endorse a strong dollar, the implication being that Treasury would intervene -- by buying up dollars -- to keep it strong. 
Public senses something amiss in D.C. 05-23-03 (timesunion.com) According to The New York Times (and did anyone ever think that phrase would be accompanied by a trapdoor of doubt?), fewer than one in three Americans think President Bush's tax cut will cure the ailing economy. Fifty-eight percent think we should reduce the soaring budget deficit instead. Which suggests that with little prompting by congressional Democrats -- who today lack the megaphone to get even their relatives much riled up about anything -- the public senses something is amiss. 
A way to loosen belt around Texas patients necks 05-23-03 (chron.com) Now that the Texas House of Representatives and Senate have passed their proposed budgets, we can only ask, "What were they thinking?" The destructive cuts to Medicaid and the Children's Health Insurance Program will throw tens of thousands of the state's children, frail and elderly into a health care void and devastate an already fragile health care safety net. Budget leaders argue that in tough economic times we all must tighten our belts. If this is belt tightening, then it is being applied around our patients' necks, as well as those of every health care professional and facility in Texas. 
Congress must extend jobless aid 05-23-03 (bayarea.com) CONGRESS has an opportunity this week to provide an immediate stimulus to the economy while helping millions of Americans. But time is running out. Both houses must vote by Friday, before the Memorial Day recess begins, to extend benefits for jobless Americans whose state unemployment benefits are running out. Otherwise, as of May 31, millions of people will no longer receive the small weekly checks that keep the wolf from the door while they hunt for new jobs. 
The Dollars Dive 05-23-03 (theconnection.org) Forget what you know about a strong dollar being in America's national interest. These days, weak is chic. When Treasury Secretary John Snow declared the sagging dollar to be just fine thank you at last week's meeting in France, the sacr?leu! heard around the world sparked a sell off in world stock markets. 
House Approves Extending Unemployment Benefits 05-23-03 (Yahoo) The bill put forward by Republicans extends the current program for seven months and would provide an extra 13 weeks of benefits to those who have exhausted their normal 26 weeks of payments. Democrats wanted to extend unemployment benefits by 26 weeks and extend eligibility to those who have exhausted both their normal benefits and the 13 weeks of extended payments. Some 1.1 million unemployed workers are in that situation, Democrats said. 
House GOP OKs Unemployment Extension 05-23-03 (Yahoo) House Republican leaders say they will extend federal unemployment benefits Thursday, blunting Democratic accusations that the GOP-controlled Congress favors tax cuts for the rich over aid for jobless Americans. The federal program, providing 13 weeks of emergency benefits to people who exhaust their state aid, won't pay out benefits to new applicants after May 31 unless Congress acts. Congress adjourns Friday for a holiday recess. 

 LATIN AMERICA
Argentina at last bids farewell to King Menem 05-23-03 (miami.com) The caudillo who oversaw the glory days of the 1990s exited the race to save himself, to avoid a defeat, and to weaken Néstor Kirchner, the man from Patagonia who on May 25 will become Argentina's 49th president. Although the public's outrage at Menen's tactics makes a comeback unlikely, the former president continues to dream of retreating with his defeated troops and reshaping himself from an alternative power base. 
New Argentine President to Outline Agenda 05-23-03 (Yahoo) Kirchner, declared president after former leader Carlos Menem dropped out of a runoff last week, boarded a flight to Buenos Aires on Thursday from his home province of Santa Cruz. But the plane had to return due to mechanical problems. Ahead of Sunday's swearing-in ceremony in the capital, Kirchner has said little in detail about his plans for governing over the next four years. Local reports suggest he is poised to embark on a $3 billion public works project. 
Brazilian Jail Horror Film Sparks Gasps in Cannes 05-22-03 (Yahoo) "The men that told me these stories could never have imagined they would end up on the screen in an environment like this," Drauzio Varella told Reuters in glitzy Cannes, planets away from the crime-ridden slums of Sao Paulo. "That's why I still visit prisons and will do for the rest of my life. You have to stay faithful to your ideals." 
New WHO Chief Asks Brazil to Help AIDS Battle 05-22-03 (Yahoo) Brazil has become a model for the developing world with its program to offer free, universal antiretroviral treatment and break drug patents if manufacturers refuse to slash prices. Brazil's policy to use homemade generics has outraged big pharmaceutical firms, but has cut the cost of its AIDS program. 
New Argentine cabinet revealed 05-22-03 (BBC) The list includes the existing Economy Minister, Roberto Lavagna, who retains his post in recognition of his role in stabilising the national accounts. In the words of one local newspaper commentator, the new cabinet is both homogeneous and pluralist. 

 ASIA
Philippine leader aims to lure more outsourcing 05-23-03 (boston.com) Philippine President Gloria Macapagal Arroyo, who visited with President Bush and was feted at a White House state dinner Monday, came to the nation's financial capital yesterday to pitch US companies on the benefits of moving some of their key business and technology tasks to her island nation. 

 OIL PRICES
Is oil wealth a blessing or a curse? 05-23-03 (economist.com) THREE decades ago, the Organisation of Petroleum Exporting Countries (OPEC) sent oil prices rocketing. By 1980, a barrel cost $30, ten times the price in 1970. Consumers suffered, whereas oil producers reaped an enormous windfall. Many assumed then that oil was a gift of God that would transform poor countries into flourishing economies within a generation. Yet even during those heady early days there were doubts. Juan Pablo Pérez Alfonso, a founder of OPEC, complained in 1975: “I call petroleum the devil's excrement. It brings trouble...Look at this locura—waste, corruption, consumption, our public services falling apart. And debt, debt we shall have for years.” 
Natural Gas Pipeline Explodes in Texas 05-22-03 (Yahoo) Authorities in southeast Texas were trying to determine what caused a natural gas pipeline to explode and burn into the early hours Wednesday. No injuries were reported when the 30-inch pipeline near the Sun Oil Co. plant in Nederland ruptured about 11 p.m. Tuesday, Houston Pipe Line Co. spokesman Peter Main said. "We have the line shut in and the damaged area isolated," Main said Wednesday. "Investigation and repairs are underway." 
Iraq Oil to Flow Quickly After Sanctions End 05-22-03 (Yahoo) "The oil is ready to flow. The tanks are full," the diplomat said. "I think you will find it will move quite quickly. There is no need to set up the monitoring board first. They'll just get on with it. The only thing they are awaiting is the lifting of sanctions." The diplomat referred to an "International Advisory and Monitoring Board" that will monitor oil exports and other issues in post-war Iraq. The diplomat declined to be identified and is close to negotiations for the Security Council resolution that will lift 13-year-old sanctions on Iraq, 
Bill to target gas prices 05-22-03 (freep.com) Two Michigan legislators are expected to introduce a bill Thursday that could put an end to major retailers selling gasoline below prices at independent filling stations. State Sen. Mark Schauer, D-Battle Creek, and state Rep. Charlie LaSata, R-St. Joseph, backed by the Michigan Petroleum Association and other fuel retailing associations, are sponsoring legislation dubbed the Michigan Petroleum Marketing Stabilization Act, which they say could even the playing field for gas prices throughout the state. 
Heavy oil joint venture finally gets green light 05-22-03 (theglobeandmail.com) With the Alberta Energy and Utilities Board giving the go-ahead to Surmont, Calgary-based ConocoPhillips said yesterday that it will further scrutinize the economics of the venture before deciding whether to proceed with construction. The AEUB approval "is clearly a very important stepping stone," said company spokesman Peter Hunt.